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GREENWICH, Conn. - QXO, Inc. (NYSE: QXO) has increased its all-cash tender offer to acquire Beacon Roofing Supply, Inc. (NASDAQ: BECN), enhancing the bid to $124.35 per share. This adjustment aligns with the terms set out in the definitive merger agreement previously announced by both companies. According to InvestingPro data, Beacon’s stock is trading near its 52-week high of $123.90, with the company commanding a market capitalization of $7.64 billion.
The revised offer has been unanimously endorsed by Beacon’s board of directors, who recommend that shareholders tender their shares. The tender offer is set to remain open until 5:00 p.m. (New York City time) on April 14, 2025.
As of 5:00 p.m. on March 31, 2025, approximately 42.66% of Beacon’s issued and outstanding shares have been tendered. Shareholders who have already submitted their shares do not need to respond to the extended offer. For those requiring assistance with the tender process, Innisfree M&A Incorporated is available for support.
The acquisition, which is anticipated to be finalized towards the end of April, is contingent on a majority of Beacon’s shares being tendered and other standard closing conditions. Regulatory approval for the transaction has been granted in both the U.S. and Canada.
QXO, a provider of technology solutions primarily for the manufacturing, distribution, and service sectors, is aiming to position itself as a leader in the $800 billion building products distribution industry. The company’s strategy involves significant revenue growth in the coming decade through both organic expansion and strategic acquisitions.
The details of the tender offer are documented in the offering documents filed with the Securities and Exchange Commission. This article is based on a press release statement from QXO, Inc.
In other recent news, Beacon Roofing Supply has announced a definitive agreement to be acquired by QXO for $124.35 per share in cash. This acquisition is expected to close in late April and has been unanimously approved by both companies’ boards. The tender offer, initially set to expire earlier, has been extended to March 31, 2025, with 12.2 million shares already tendered. Stifel analysts have raised their price target for Beacon Roofing Supply to match the acquisition price, maintaining a Hold rating, while Raymond James downgraded the stock from Outperform to Market Perform. This downgrade follows the acquisition news, which is seen as a positive development for shareholders amid soft demand in Beacon’s markets.
Additionally, Beacon Roofing Supply experienced a sudden executive change with the resignation of Executive Vice President and Chief Commercial Officer James J. Gosa. The company has not provided further details regarding this departure. The acquisition by QXO has received antitrust clearance in the United States and Canada, and QXO has secured the necessary financing for the purchase. Investors and stakeholders are closely watching these developments as they unfold, marking a significant transition for Beacon Roofing Supply.
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